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There are more efficient drivers available, if that matters.  As Romy pointed out, usually very different systems are used in PA and in homes.  I thought you were talking about a Front Loaded Horn, not a Compound horn. 
"using the acoustic energy from both the front and rear of the driver in a horn loaded fashion." as you put it.  

Yes, they have been built, e.g. Tannoy's Westminster & Autograph, Lowther's TP1, etc. 
Sound is a matter of opinion, and taste... 
I've experimented with them, very difficult to implement, and to balance the front and rear wave, much time-align... 
I felt it was a dead end, and is why I'm now building a five-way FLH system. 
YMMV, good luck! 
Robert

Rerurn to Romy the Cat's Site